Jumeirah Islands has attracted elites looking to establish residency in Dubai, joining the likes of Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah. Over the past three years, the area has witnessed over 10% of transactions exceeding Dh10 million, indicating its ability to maintain value and emerge as a sought-after neighborhood, according to global real estate consultancy Knight Frank.
The most expensive property sold within this artificial island complex was a 5,500 square foot, 4-bedroom home, fetching Dh28 million (Dh5,111 per square foot) in late December 2023. During the last year, 97 homes in Jumeirah Islands changed hands, amounting to around Dh1 billion.
Will McKintosh, regional partner and head of residential for Mena at Knight Frank, emphasized that Dubai has completed its transition from an emerging market to a fully developed one. He anticipates other areas such as Tilal Al Ghaf, Jumeirah Golf Estates, Al Barari, and Blue Waters to also evolve into prime residential locations.
Due to high demand, the number of homes available for sale in Jumeirah Islands decreased by 28% over the last 12 months to 279 properties, contributing to a 44% decline in prime home listings across the city to approximately 4,900 properties, as stated by Faisal Durrani, partner and head of research for Mena at Knight Frank.
Durrani further highlighted that buyers are not only paying premium prices for homes in the Islands but are also investing significant amounts in refurbishments, indicating a long-term buy-to-hold or buy-to-live mindset that has characterized the market over the past four years. The pandemic reinforced the emphasis on spacious properties, propelling villa prices in Dubai to surge by 17% in the last year, including within Jumeirah Islands.
Another factor contributing to the area's elevation to prime status is the continuously rising demand from international buyers for waterfront homes or properties with access to parks and green spaces - both of which Jumeirah Islands offers, stated Durrani.
Shehzad Jamal, partner for strategy and consultancy for MEA at Knight Frank, revealed that the desire to purchase a villa in Dubai increases in alignment with net worth, rising from 30% for those with a net worth of $2-5 million to 48% among individuals with personal wealth exceeding $15 million. This propensity climbs even higher to 59% for global high net worth individuals with a net worth exceeding $20 million.
